Following this announcement, the crypto security firm Zodia Custody is set to provide its suite of services and solutions to customers in Hong Kong, with a focus on improving the manner in which financial institutions store their crypto in a secure and efficient way.
The company will first seek to provide its services for clients in the region with a limited set of crypto assets. At the same time, Zodia Custody will focus on remaining compliant with the requirements and laws of the industry, including the regulatory regime for digital assets released by the Hong Kong Securities and Futures Commission (SFC) earlier in 2023. The regulatory regime aimed to offer companies like Zodia Custody the possibility to apply for registration and provide their solutions in a secure and regulated manner.
In addition, Zodia Custody is currently in discussion with both the SFC and the Hong Kong Monetary Authority about becoming a regulated company in the region’s financial district.
International banking group Standard Chartered announced multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In September 2023, the company partnered with Singapore-based fintech Starfish Digital in order to support demand for real-time cash management data. Throughout this collaboration, the firms aimed to deliver API-led real-time data for cash management, as well as improved cash visibility to corporate treasury teams.
According to the press release published at the time, the strategic deal was set to introduce new multibank connectivity solutions in order to provide bank corporate clients with the possibility to set up fast and simplified connectivity between their systems and several banking relationships. This focused on automating the corporates’ cash management procedures and enabling them to achieve real-time visibility, access, and control over their cash holdings, which resulted in optimised working capital management.
Earlier in the same month, Standard Chartered’s subsidiary, Zodia Custody, was launched in Singapore, in order to provide financial institutions and partners with digital asset custody solutions. Representatives of the company expressed the company’s aim, which was focused on establishing a presence in the overall global financial center as soon as they received a regulatory roadmap.
The development marked an improvement in the traditional financial institution with a digital asset entity in Singapore. Zodia Custody was registered in several countries before this region, including the United Kingdom, Luxembourg, and Ireland, with a pending application for registration in Japan.
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